PNM Resources (PNM) said late Tuesday it priced a private offering to eligible purchasers of $500 million of 5.75% junior subordinated convertible notes due 2054.
The initial purchasers have been granted a 13-day option to purchase up to $50 million additional amount of notes to cover over-allotments.
The notes will be convertible at an initial price of $44.46 per share. Net proceeds will be used for debt repayments, the company said.
Closing of the offering is expected to occur on June 10, subject to customary conditions.
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